Kent Net Worth – 2024 Shark Tank Update

Shark Tank Season 14 kicks off in front of a live audience with the first hosts being Stacy and Jeff Grace, founders of Kent Underwear, whose eco-friendly fashion line has received investment from Daymond John. As of 2024, Kent Underwear is valued at $2 million.

About the Founder

Stacey and Jeff Grace are a husband and wife team with deep connections in the Los Angeles entertainment community. Stacey holds a Master’s degree in Fashion Strategic Marketing and her husband holds a Bachelor’s degree in Political Economics.

Jeff began his career as a copywriter for Leo Burnett before moving into film and television production when he founded Vacationeer Productions. He later became an actor, writer, director, and comedian for a variety of companies.

His significant other was originally an actress, but Stacy focused on a career in marketing. Initially, she worked in financial companies and retail stores, but eventually entered the clothing industry.

Founding of Kent

Stacy had been working with clothing brands for a decade and saw how much non-biodegradable waste they were generating. This motivated her to take action and choose to focus on lingerie.

She and her husband co-founded Kent, the world’s first compostable organic underwear line. When underwear is no longer usable, it can be placed in a compost pile and after 90 days it turns into soil.

The company launched in 2019. Stacey serves as CEO and her partner serves as creative director. Kent made $30,000 in sales in the first year and $120,000 in the second year.

Presentation to the audience

Jeff and Stacy need funding and expertise to expand their business. Kent Underwear appears in the first episode of Season 14, asking for $200,000 for a 5% stake. The Sharks are surprised by the quality of the product, which is better than expected.

The bras are priced at $20 to $24, which is high-end, but they are made in the U.S. and cost just $8.07. So far this year, they have made $99,000 in sales, 85% of which is direct to consumer and 15% is sold wholesale.

Cuban was the first to go because he thought it was difficult to communicate how composting worked. Robert tried to get the crowd excited by booing the decision, but failed. Barbara made the first offer, wanting $200,000 for a 20% stake. Robert offered Barbara a lower price, wanting 15% for the same amount.

Diamond came in again, matching the offers from Lowry and Robert. Four Sharks vied for the deal, but the founders chose Diamond because of his background at FUBU.

Life after Shark Tank

A year after the show aired, the Daymond John deal never seemed to get done. Despite this, they did reach a deal with Nordstrom. During filming, year-to-date sales were only $99,000, so the founders expected to make $400,000 in the second half of the year.

The company has also expanded its product range to include T-shirts. In January 2023, Jeff landed a job as a senior copywriter at BBDO LA, so he is not working on the business full-time.

Currently, you can purchase the product on their websites WearKent.com and Madewell.com. The company expects to achieve annual revenue of $500,000 in 2022. Therefore, Kent Underwear is estimated to be worth $2 million.

Categories: Shark Tank
Source: dut.edu.vn